What’s Going On?
The Philippines could emerge as one of the world’s most high-profile, crypto-friendly islands for blockchain business if new trading regulations are introduced this week as expected.
Why Does It Matter?
The new regulations will primarily concern ICOs and how cryptocurrency exchanges are used, reported Bitcoin Exchange Guide.
ETHNews previously reported the commission had issued a draft outlining the planned regulations. These include a requirement for business to file an initial assessment request for ICOs so the SEC can determine whether the coin to be issued is a security or not.
Who Is Involved?
SEC Commissioner Ephyro Luis Amatong told reporters last week that regulators were targeting the release of draft rules by the end of this week, reported the Manila Times.
“We see the need to regulate them as trading platforms,” Amatong told the Times. Amatong explained the SEC and the Bangko Sentral ng Pilipinas (BSP) had agreed to work together to regulate the exchange.
“We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion … [involves]joint cooperative oversight over VCEs engaged in trading,” he said.